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One of the notable overarching reforms is the federal government’s initiative to create a National Searchable Database managed by the Department of Labor. This database aims to help individuals locate "lost" or forgotten retirement accounts, with a launch scheduled within two years. Such a tool could be instrumental in consolidating retirement savings and avoiding forgotten assets.
Additionally, the legislation addresses the age limits for Required Minimum Distributions (RMDs)—the mandatory withdrawals from tax-deferred retirement accounts—by gradually increasing the age thresholds. It also introduces new rules for small business plan enrollments, contribution limits, penalties, and even provides provisions related to student loan repayment for retirement savings.